12. Which of the following is NOT correct?

Select one: a.The liquidity of shares relates to the ease of selling them on the stock exchange at or near the current market price. b.All debt securities pay periodic interests. c.Ordinary shares have no maturity date whereas debt instruments generally have a fixed period of investment. d.A broker makes a market in a security by quoting bid and ask prices. e.The majority of assets of insurance companies are contracts that specify the payouts to the contract holder if a specified event occurs.